Michael Wursthorn

speaker

1,567 appearances 29 recordings 1 series first heard Jul 2017 last heard Nov 2021

Michael Wursthorn’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Dow 30: GE Out, Walgreens In. Why it Matters. · 21 Jun 2018 podcast

The S&P 500 has something like nearly $10 trillion of stock. voice-verified

of assets through various types of mutual funds, ETFs, that all track it. voice-verified

So when a company goes in and out of there, you'll see some move, but it'll be a little more magnified than you see the Dow Jones Industrial Average, which is something about $25 billion of money that tracks that overall. voice-verified

So its inclusion and exclusion isn't going to really make or break for GE. voice-verified

And in fact, there's been several companies like Bank of America voice-verified

And I believe AT&T as well that have seen share price increases since they were removed from the index over the last several years. voice-verified

So at one point it was. voice-verified

When the index was first founded, Charles Dow was one of the writers of it, one of the first editors of the Wall Street Journal. voice-verified

Over the years, that has changed as Dow Jones itself has divested itself of its index business. voice-verified

The relation that we still have besides the name, though, is that the Wall Street Journal has two seats on the indexing committee that helps decide what companies get to go in and go out of the index. voice-verified

So there's still a relationship there, but just not as tight as it first was when that index was first created. voice-verified

WSJ Your Money Briefing · Market Rally: Value Investors at a Crossroads · 5 Jun 2018 podcast

Value investors are...

basically fighting for their survival right now.

They've faced last 10 years incredible underperformance compared to index investors.

Say, just an S&P 500 fund has greatly outperformed anything any value investors have been able to do.

And a big part of that is because they've relied on, say, 100-year-old metrics that Benjamin Graham had really touted.

And those are things like price-to-book ratio,

that just don't really apply as well in a market today that's dictated and largely driven by high-value technology companies that don't have a lot of assets but have a lot of intellectual property, and they know how to make money off that.

So there's been this incredible shift in just how the market is set up.

and the formation of that market, and value investors have had to think about how else do we find those underperforming assets.

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